Madison Realty Capital Provides $34M Loan For 125 West 16th Street
Delivers Rapid Funding for Acquisition, Renovation of 39,504 SF Mixed-Use Building in Chelsea
24 Apr, 2015, 02:46 ET
NEW YORK, April 24, 2015 /PRNewswire/ -- Madison Realty Capital (MRC), an institutionally-backed real estate investment firm focused on real estate equity and debt investments in the middle markets, provided $34.0 million of financing for the acquisition and renovation of 125 West 16th Street, a mixed-use residential and retail building in the Chelsea neighborhood of Manhattan comprised of 40 residential units and 2 ground floor retail units. The borrower needed immediate funding to close on the purchase, and MRC was able to rapidly deliver a customized financing solution for this time sensitive transaction.
The loan from MRC provides immediate acquisition funding of $29 million, followed by an additional $5 million for planned renovations. The MRC loan is expected to see the property through renovation and stabilization. In addition to existing square footage, the property has approximately 20,000 square feet of air rights.
"Our lending business specializes in providing financing solutions tailored to the needs of our borrowers," said Josh Zegen, Co-Founder and Managing Principal of MRC. "In this case the borrower needed immediate funding in order to close the acquisition and support renovation plans. As an owner of several multifamily assets in Chelsea, we were able to get comfortable with the submarket extremely quickly. This is an instance where our vertically-integrated real estate platform worked seamlessly and quickly to deliver for the borrower."
The property is comprised of 39,504 square feet over 6 floors, and is located on the north side of West 16th Street between 6th and 7th Avenues. The Chelsea Gallery District and the High Line elevated park are located nearby, and the area is famous for its exciting nightlife, shops, and restaurants.
About Madison Realty Capital (MRC)
MRC is a New York-based real estate investment firm that pursues real estate equity and debt investments in the middle market. Founded in 2004, MRC has invested in approximately $3 billion of transactions in the multifamily, retail, office, industrial and hotel sectors.
Media inquiries, contact
Great Ink Communications: (212) 741-2977
Eric Waters – Email
Tom Nolan – Email
SOURCE Madison Realty Capital
Share this article